African Pharmaceutical Market is projected to witness a double-digit and a rapid growth by 2027

BRUSSELS - July 12, 2023 - PRLog -- The pharmaceutical market is a complex but a fast-growing market which plays a vital role in the growth of the healthcare segment. The pharmaceutical market refers to the market for pharma and medical products, which includes prescription drugs, OTC drugs and generic drugs. It is a highly regulated market which is focused on the research, development, manufacturing, and distribution of drugs.

Rapid Growth Opportunities in the African Pharmaceutical Market

The African pharmaceutical market is far less developed as compared to North America, Europe, Middle-East, Asia-Pacific, etc. which makes it a potential attractive field for new investment and growth opportunities. The African pharmaceutical market is growing quickly, along with opening up new investment opportunities for top pharma companies.

Africa's quick urbanization is further fueling the growth of top pharma companies. With the development of metro cities and rising awareness of various healthcare disorders such as diabetes, ADHD, and malaria, there has been a quick rise in the purchase of terminal disease medications.

The tropical environment in Africa is suitable enough for the spread of various medical diseases. Thus, many infectious diseases are already present within the African population, such as Cholera, TB, Influenza, Hepatitis and AIDS. The African regions also experiences the outbreaks of diseases such as Polio, Meningitis, Cholera, Influenza, Yellow Fever, Measles, Hepatitis, Malaria, And Tetanus.

Ample Growth Opportunities for the Key Pharmaceutical Companies in the African Pharmaceutical Market

Covid-19 Pandemic had showed the vulnerability of the healthcare systems and focused on the importance of regions assuring a basic level of supply security for all medical products. Major drugs and medicines are not available in Africa as it heavily relies on imports from other regions, with up to 70% of pharmaceutical and medical products being imported. Local vaccine production can meet less than 1% of the local market demand.

Key Market Challenges: African Pharmaceutical Market

Africa's pharmaceutical market faces many market challenges, which includes a small and fragmented markets, fragile regulatory frameworks, and shortage of manpower across Africa. Poor procurement and supply chain systems and policy incoherencies across trade, market, healthcare and finance segment, and lack of funds for R&D activities impacts the growth of the African pharmaceutical market.

Competitive Landscape Analysis: African Pharmaceutical Market

Some of the key players operating in the African pharmaceutical market are Adcock Ingram, F. Hoffmann-La Roche, Pfizer, Novartis AG, Johnson & Johnson, Sanofi, Bayer, Aspen, Cipla, and Merck and Co.

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